Parkson’s 9MFY12 results were below consensus and in line
with our estimates. Revenue and net profit
jumped 18.4% and 8.4% y-o-y to
RM2621.0m and RM298.4m respectively, mainly attributed to stronger
revenue from the retailing as well as property/investment holding divisions.
EBITDA margin was, however, crimped by
higher overhead and operating expenses.
Judging from the softer numbers
from Parkson Retail Hong Kong, we are
revising down our FY12 and FY13 forecasts. Maintain BUY with a lower FV
of RM5.51.
Within estimates.
The group’s 9MFY12 earnings were below consensus but within our estimates.
Revenue and net profit jumped 18.4% and
8.4% y-o-y to RM2621.0m and RM298.4m respectively. The better performance was mainly contributed
by higher revenue from the retailing
division (+18% y-o-y) owing to decent same-store-sales growth (SSS)
across the regions, the inclusion of
the Indonesian operation which the group acquired in June 2011, and the
robust sales performance of its new stores. SSS in China (+7%), Malaysia
(+9.5%), Vietnam (+11.8%) and Indonesia (+9.8%) continued to be impressive and
on track to meet management’s SSS guidance. The property and investment holding
division generated RM12.5m of revenue from the management of its first local
self-owned retail mall at KL Festival City. The mall has made good progress as the
number of tenants has been increasing since it commenced business in Oct 2011. Q-o-q
revenue and PBT only increased marginally by 0.8% and 4.1% respectively due to the
early Chinese New Year this year, and slower regional growth, as its operations
in China, Malaysia, and Vietnam experienced a lower number of sale promotion
days.
Thinning margin.
Merchandise gross margin improved slightly from 19.3% to 19.4% yo-y but EBITDA margin was lower at 30.8% as
higher staff costs and operating expenses took bite.
Expansion plan. By FY13, the group plans to increase the
gross floor area (GFA) in China by 279k sq ft. There will be 1 new store in
Malaysia, 2 in Vietnam, 2 in Indonesia and 1 in Cambodia in FY13, which will
add a total of 89k sq ft of GFA in Southeast Asia.
Maintain BUY.
Incorporating weaker contribution from Parkson Retail Hong Kong given the
disappointing results, our FY12 and FY13
forecasts are cut by 7.2% and 12.9% respectively.
Our FV is revised down to RM5.51. Maintain BUY.
Source: OSK
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